MercoPress. South Atlantic News Agency

Massive investments in Guyana's oil and gas industry by Exxon-Mobil

Exxon, Hess Corp. and CNOOC Ltd Consortium started production in Guyana in 2019. They have discovered more than 10 billion barrels of recoverable oil.

Exxon Mobil is investing heavily off the coast of Guyana expecting future production of some 1,2 million barrels per day of oil and gas by 2027. According to the company the fourth oil project production off Guyana will receive an investment of US$ 10 billion.

Exxon and partners Hess Corp. and CNOOC Ltd Consortium started production in Guyana in 2019 and are responsible for all output in the country. They have discovered more than 10 billion barrels of recoverable oil.

Exxon's Yellowtail development in the Stabroek block is expected to produce about 250,000 barrels of oil per day starting in 2025. The ten billion project is one of some ten that companies plan to install in Guyana.

Exxon's fourth project at Yellowtail will “provide the world with another reliable source of energy to meet future demand and ensure a secure energy transition,” said Liam Mallon, president of Exxon's upstream company.

The final investment decision was made after receiving government and regulatory approvals last Friday.

Exxon named the offshore production unit for Yellowtail ”One Guyana,” it said. The project will include six drill centers and up to 26 production and 25 injection wells, the company said.

The three companies produced 120,000 boed in Guyana in 2021. Exxon is the leading operator with a 45% stake. Partners Hess and CNOOC keep 30% and 25% of the output, respectively.